S&P Global Ratings assigned its 'AA' rating to the Trinity River Authority (TRA), Texas' approximately $6.2 million series 2025 revenue bonds, issued for its Walker-Calloway System. At the same time, we affirmed our 'AA' rating on TRA's Walker-Calloway System outstanding revenue bonds. The outlook is stable. A first-lien revenue pledge of payments to TRA from system participants--the cities of North Richland Hills and Hurst--secures the bonds. The cities treat their obligations to the authority as operating expenses of their water and sewer funds. While annual operation and maintenance expenses are shared equally by the cities, the latter pay for maintenance and repair expenses, which are mostly debt-funded, based on the system's design capacity of 20.6% to Hurst and 79.4% to
